MV Rao takes over as chairman of the Indian Banks Association

Tags: Person in news

Central Bank of India MD and CEO MV Rao was elected as the new chairman of the Indian Banks Association (IBA) during the managing committee meeting held on 21 March.

An Overview of the News

Vice President Selection:

• The committee also appointed three vice presidents:

• Dinesh Kumar Khara, Chairman of State Bank of India (SBI)

• S L Jain, MD and CEO of Indian Bank

• N Kamakody, MD and CEO of City Union Bank

Appointment of Honorary Secretary:

• Madhav Nair, Country Head and CEO of the Bank of Bahrain and Kuwait was appointed as Honorary Secretary of the IBA.

Contribution of Madhav Nair:

• Serving as the first Vice President, Madhav Nair has been actively involved in policy advocacy related to areas such as technology, risk management, and environmental, social, and governance (ESG) factors since 2016.

Indian Banks Association (IBA)

• IBA represents a diverse range of Indian banks including public sector, private sector, foreign, co-operative and regional rural banks.

• Role and Functions: It plays an important role in shaping banking policies and promoting the adoption of best practices within the Indian banking industry.

• Expectations of new leadership: The election of a new leadership team is expected to infuse new energy and focus IBA's efforts to address the various challenges and leverage opportunities in the Indian banking sector.